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Global Vending Machine Market Growth Rate 2024, Forecast To 2033

11 Sep, 2024

The vending machine market has seen strong growth, expanding from $16.86 billion in 2023 to $18.13 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.5%. This growth is attributed to employers investing in wellness programs, an expanding range of products available, the growth of subscription-based vending services, increased emphasis on enhancing consumer experience, and favorable government regulations. The market is expected to continue its strong growth, reaching $24.54 billion by 2028 at a CAGR of 7.9%. This anticipated growth is driven by a heightened focus on hygiene, security enhancements, the implementation of smart inventory management systems, and increasing consumer demand for healthier snack and beverage options. Key trends for the forecast period include remote monitoring, automated retail stores, the use of eco-friendly materials and energy-efficient vending machines, leveraging data analytics, and the rise of robotic vending machines.

Global Vending Machine Market Key Driver

The expansion of the retail industry is expected to propel the growth of the vending machine market. The retail industry includes businesses selling goods and services directly to consumers, encompassing physical stores and online platforms. This sector's expansion is attributed to consumer demand and changing shopping behaviors. Vending machines are integral to the retail industry, providing convenient access to products and helping retailers reach consumers in high-traffic or unconventional locations. For example, in July 2024, the UK Parliament's House of Commons Library reported that retail sales in Great Britain reached $557.46 billion in 2023, reflecting a 3% growth compared to 2022. Therefore, the expansion of the retail industry will drive the growth of the vending machine market, which was valued at $2.11 billion in 2023 and is projected to grow to $2.26 billion in 2024 at a CAGR of 7.0%, reaching $2.97 billion in 2028 at a CAGR of 7.1%.

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Global Vending Machine Market Segments

The vending machine market covered in this report is segmented –
1) By Type: Beverages Vending Machine, Tobacco Vending Machine, Food Vending Machine, Other Vending Machines
2) By Technology: Semi-Automatic Machine, Smart Machine, Automatic Machine
3) By Payment Mode: Cash, Cashless
4) By Application: Retail Sites, Public Transport Hubs, Offices And Institutions, Other Applications
5) By Sales Channel: Offline, Online
By Geography:The regions covered in the vending machine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the vending machines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

Major Vending Machine Industry Players

Fuji Electric Co. Ltd., Godrej Group, Glory Ltd., Evoca Group, Seaga Manufacturing Inc., Azkoyen Group, Crane Payment Innovations, SandenVendo America Inc., Würth Group, Wittern Group, Royal Vendors Inc., U-Select-It Inc., Rhea Vendors Group, Westomatic Vending Services Ltd, Sielaff GmbH & Co. KG, Jofemar Corporation, Bianchi Industry S.p.A., IVM Inc., AAEON Technology Inc., Cantaloupe Systems Inc., Senso Foods Pvt, Healthy Vending LLC, Automated Merchandising Systems Inc., Vendolite, N&W Global Vending S.p.A.

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Vending Machine Market Overview

A vending machine is an automated device that dispenses products, such as snacks or other items, to consumers after money or a form of payment is inserted. It operates without human intervention and is found in public places such as schools, airports, and office buildings.

Vending Machine Global Market Report 2023 provides data on the global vending machine market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The vending machine market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.